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SteelWave and Invesco Real Estate Team Up in Purchase of Former LA Times Facility in Costa Mesa

11/28/17

SteelWave and Invesco Real Estate have acquired the former Los Angeles Times printing facility in Costa Mesa. The purchase consists of a 249k sf printing press warehouse with an attached 112.4k sf office building (the former LA Times Orange County press room), and an adjacent 4.0-acre parcel of land. The project is directly adjacent to SteelWave’s Hive project, a 180k sf creative office project, which is the headquarters for the Los Angeles Chargers organization and their training facility.

The joint venture acquired the asset from Tribune Media and Kearny Real Estate Co. Tribune Real Estate Holdings, a subsidiary of former Los Angeles Times owner Tribune Media, and Kearny Real Estate Co partnered up in 2015 with plans to transform the facility into approximately 340k sf of creative office. However, in early 2017, SteelWave approached that partnership with an off-market offer to acquire the project.

The plan is to develop roughly 420k sf of creative office space and retail. The site is entitled for up to approximately 650k sf, leaving approximately 230k sf of remaining entitlements for future development.

The acquisition of The Press marks Steelwave’s first joint venture with Invesco Real Estate. Seth Hiromura with SteelWave led the acquisition. John Rose, Todd Sugimoto, Patrick Burger and Olga Walsh with HFF arranged $133 mil in financing, which was provided by Square Mile Capital Management LLC.

“We saw an immense potential in The Press and our vision is to redevelop the asset to be the single most significant creative office opportunity in Orange County, if not all of Southern California,” says Hiromura.

In addition to office space, the plans include developing a high-end public market. Hiromura believes having a cluster of differentiated creative office adjacent to one major artery through Orange County is important, however, “Where we think this project and submarket can be taken to the next level is by creating a very dramatic public food hall-based retail concept,” says Hiromura.





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